Get a Loan witH BAD CREDIT NO bANKRUPTCY

[BOA]

Hi I am living overseas making good money. I have credit here where I live and work but want to buy a place back home where I have creditors looking for me.

Can I buy a place assuming I can get a lender to work with me and put my new wifes name on the title deed to protect me from zombie collectors from slapping a lien on any property I buy?-my unsecured debts are all old-- 5 years or so or will I have to wait until statute of limitations passes. Missouri.

I'm not trying to beat the system but a previous wife had a gambling problem and I was left holding the bag.

[justbroke]

By definition, that is trying to be the system by placing your assets outside the reach of creditors. You're doing so by design. However, asset protection is necessarily illegal or immoral.

You would really need to work with a good asset protection attorney. You can have many issues with what you're thinking of doing, especially in community property states.

You're also talking about the statute of limitations passing, but if you're out of the Country, the statute of limitations is probably tolled. You'd have to find out if your State tolls the statute whenever you're out of the United States (or even the State itself).

Why didn't you just file Bankruptcy?

[StartingOver08]

Also, the underwriting standards have changed dramatically over the past few years due to the real estate market taking a tumble. Those standards require a higher FICO score, larger down payments in general (FHA is only 3.5% down), and more documentation to fund the loan.

Seriously consider clearing your past debt with a BK if it is large. Seeing an asset protection attorney is a good idea. Normally you want to make your plan with such an attorney before you get into any sort of debt. Look here for a general overview of why: http://www.assetprotectionbook.com/

[HHM]

If you were going to put your wifes name on the title, you would want to do so at the outset. (which might be difficult because the bank may not give you a loan if you do not go on the deed).

If you quit claim to your wife after the purchase, that would be problematic in the face of a particularly aggressive creditor and you might be violating your mortgage agreement anyway.

[BOA]

Not sure why I never filed other than I was under no pressure to do so

Basically always intended to file but ended up never doing that. Probably should have filed BK-- still can I guess but with so much time having passed --am now seeking to avoid it. I've kept up my old address but I'm usually away. Actually I ust want a place in the US for when I'm back and to pass on to my kids.

[Flamingo]

Your "previous" wife apparently caused the problem and were these joint debts at the time of your marriage? It appears you have divorced, moved overseas to avoid your share of the debt and remarried - if you remarried overseas, is your new wife a US citizen? If not, you have some things to look into before she can own property in the US. You have more on the stove to consider than just the pot containing unpaid debt.

[BOA]

New wife is not a US citizen but has an SSN. Thanks to all for the heads up though.

[justbroke]

By definition, that is trying to be the system by placing your assets outside the reach of creditors. You're doing so by design. However, asset protection is necessarily illegal or immoral.

Something is definitely wrong with me or my keyboard... the last sentence should have read...

However, asset protection is NOT necessarily illegal or immoral.

I apologize for the way that appeared.